“Right now, we’re going to be in a trading range that’s going to be range-bound and the problem with a range-bound trade is that if you’re trying to make it in the indices, you’re not, because they’re going to follow the overall economy and the markets,” Campbell said.

He said the overall theme to make money in this market is to be active and select individual stocks.

“When you think about how aggressive things are, with volatility, there’s opportunity. And if you’re willing to take it, there’s a lot of opportunity and a lot of money to be made.”

In the meantime, Detrick said he is encouraged by the recent price action in the volatility index (VIX).

“There are big bets that the VIX will be higher up several months from now…we think there’s a contrarian view,” said Detrick.

“Hedge funds have the lowest net exposure to the stock markets and...no one wants to buy the markets, even after the recent bounce, and there’s a lot of the money on the sidelines. The economy can turn around and should produce some potential good rally by the end of the year.”

Detrick said the euro and commercial real estate — two areas that are "widely hated" — could continue to rise higher.